How Would You Know If Someone Left You Money in Their Will?

On February 1st, National Unclaimed Property Day serves as a stark reminder of the approximately $60 billion in forgotten and abandoned assets currently held by state governments across the United States. These assets extend far beyond mere unclaimed funds, encompassing life insurance policies, dormant bank accounts, uncashed checks, retirement accounts, and other valuable property that has become disconnected from its rightful owners.

Our firm frequently deals with the consequences of overlooked assets and inadequate estate planning during probate or when reviewing previous estate plans.

This article examines the mechanisms by which assets become unclaimed, strategies to prevent assets from joining this substantial pool of unclaimed property, and methods to ensure assets are properly transferred to intended beneficiaries.

How do you track lost assets?

Assets can become lost through various circumstances, often more easily than one might expect. When an individual becomes incapacitated or passes away, the designated representative (either legally appointed or court-selected) bears the responsibility of identifying and locating all assets. This task proves challenging even for the original asset holder, who possessed firsthand knowledge of their employment history, retirement accounts, insurance policies, and various financial arrangements.

When individuals pass away or become incapacitated without an updated estate plan that includes a comprehensive asset inventory, their beneficiaries frequently lack awareness of existing assets or their locations. Consequently, these assets may eventually transfer to state custody rather than benefiting intended heirs. Such funds could otherwise support beneficiaries’ education, business ventures, or quality of life improvements.

Traditional estate planning approaches often exacerbate this issue. Estate plans drafted by financial advisors or document preparers, who provide standard wills or trusts without comprehensive planning services (or those created through DIY online legal tools or AI) typically result in a set of documents that clients file away with minimal ongoing attention. These documents often contain a series of errors, because the preparer didn’t know what to ask or look for. Without a detailed asset inventory, certain holdings may become lost or overlooked, potentially contributing to the growing pool of unclaimed property. Make sure to review your current estate plan if you haven’t.

The Critical Nature of Asset Inventory and Regular Review

Effective estate planning requires ongoing attention rather than a one-time document preparation. A comprehensive approach begins with a consultation, during which clients create a detailed inventory of their assets. This inventory should encompass:

• Life insurance policies
• Retirement accounts from all employers
• Investment accounts
• Real property deeds
• Business interests
• Valuable personal property
• Intellectual property rights
• Digital assets and cryptocurrency

Digital assets present unique challenges in contemporary estate planning. Cryptocurrency holdings, online banking accounts, social media profiles, and digital business assets can prove particularly difficult for beneficiaries to locate and access without proper documentation. Many individuals fail to recognize that without adequate documentation and access instructions, their digital assets may become permanently inaccessible, even when their existence is known to family members.

What does beyond financial mean?

While asset inventory creation represents a crucial component, comprehensive Life & Legacy Planning encompasses additional essential elements. Proper asset titling, current beneficiary designations, and clear access instructions for successors prove equally important. Furthermore, we recognize that asset value extends beyond financial worth.

Cloud-stored family photographs, emails containing family history, and digital collections often carry significant sentimental value. Without proper planning, these assets may become effectively “unclaimed” – inaccessible to intended inheritors. The loss of such family legacies represents an immeasurable cost that transcends monetary value.

Effective estate planning extends beyond document preparation to encompass all necessary measures for simplifying asset transition from one generation to the next. This comprehensive approach represents one of the most significant ways to protect and provide for loved ones.

Need Assistance?

We can help you navigate these concerns and discuss how such assets can be handled properly. At Tritch Buonocore Law, we provide professional legal guidance for protecting both tangible and intangible aspects of your legacy. We pride ourselves in assisting with Asset Protection and ensure we make your goals a reality.